Key things to have on your purchase agreement
When you sell your house there are certain legal norms that need to be followed, so that the entire process of selling any property to a buyer and receiving the final amount for it takes place smoothly. A purchase agreement is one of the important legal documents that you need to create in order to sell your house.
This agreement will be presented to the buyers and you will be able to sell it to them only after getting their approval and signature. A person who is selling their home for the first time might not know what needs to be included in the agreement. In this article, we will point out three key things that you need to have on your property purchase agreement.
1. Assets that come with the sale:
Whenever you put your house on a listing in the real estate market to sell it, then you can expect people to come to visit your home and see how it is personally. When they visit, you might show them your entire house including how the furniture would look in the living room, the appliance in the kitchen, the heating system, etc.
There might be a few visitors who might think that some of these appliances or furniture pieces that you had shown them during the open-house might come along with the house. Hence, you need to be very specific on what items come with the sale of the house and what don’t.
Your potential buyers should not feel that you mislead them into believing that you are selling a fully furnished home. So ensure you mention that in the agreement, especially if you have not intentions of selling any of your furniture and appliances along with the house.
2. Costs the buyer has to bear:
If you have found some buyers who are interested in purchasing your home, then you need to inform them about all the costs that will be included along with the sale price. Certain costs like necessary stamp duties, notarization charges, and other fees should be made clear to the buyer beforehand.
You should not keep any hidden costs from your potential buyers because if you do this, then you might probably lose the entire deal. Hence, keep all costs very transparent right from the beginning so that there are no misunderstandings when the time comes to close the deal.
3. Legal components required by law:
Your agreement should also cover all the necessary legal components that come with selling any type of property. Both parties, that is the buyer and the seller should assure each other that they will do what is right in order to ensure that the deal takes place smoothly.
The agreement should reassure both the buyer and the seller that they are getting a good deal, which means that the buyer will get a good piece of property and he seller will get the amount that the buyer has promised to give him for the house. If suppose the buyer does not live up to his part of the deal (or vice versa), then the agreement should give the seller the right to take legal action.
The purchase agreement is a very crucial document without which selling your home might be deemed an illegal transaction or you might get into trouble in case the buyer does not pay you the entire agreed amount for purchasing your property.
If you are confused about the various legal components that need to be included in the purchase agreement, then it would be wise for you to take assistance from a qualified realtor. Apart from being skilled in helping people sell their property, a good real estate agent will also help you understand the legal proceedings of selling a house better than anyone else.
By: Mike Gustus